Utah's Huntsman Corp. posts record profit on higher sales
Chemicals maker Huntsman Corp. on Friday reported a record in quarterly earnings that beat Wall Street expectations and sent the company's stock higher.
The company earned $116 million, or 48 cents per share, in its third quarter ending Sept. 30. Excluding restructuring and other expenses, Huntsman earned 70 cents per share, exceeding the 51 cents-per-share profit that analysts surveyed by Thompson Reuters had expected.
The quarter marked a turnaround from last year, when Huntsman lost $34 million, or 14 cents per share. In a statement, CEO Peter Huntsman said the company "continue(s) to benefit from our ongoing restructuring and cost-cutting that was started last year and will continue to deliver a better cost structure into 2013."
Huntsman's stock closed Friday at $16.19 per share, up 66 cents, or 4.3 percent.
The company pulled in revenue of $2.7 billion, down almost 8 percent from $3 billion in the same quarter of last year.
Sales of polyurethane, the company's biggest business, were the strongest component of Huntsman's revenue, rising 3 percent. Selling prices were higher, and the company said it had an improved mix of products.
Huntsman polyurethane products are used as insulation panels in walls and refrigerators, cushioning in car seats and furniture and as adhesives.
Higher polyurethane sales have helped offset weak sales in its pigments business, where revenue was down 30 percent, Huntsman said.
Huntsman is based in Salt Lake City, but the company is operated in The Woodlands, Texas, near Houston.